There is a procedure, but it doesn't help in this case. It is possible to expel a Peer from the House of Lords under the House of Lords (Expulsion and Suspension) Act 2015, but the Standing Orders of the House only provide for it if the Peer is jailed for more than a year, and doesn't prevent the Peer from using his title, merely from attending Parliament.

In any event, this person isn't a member of the Lords. As far as I am aware only an Act of Parliament could remove his title, and whether it would be possible to stop him using the title anyway. Lord Buckethead doesn't actually have a peerage, apparently.

His QC's fees will not have been small - Oliver Blunt QC, QC since 1994, a long list of major criminal trials to his name - terrorism, drugs, murder, historic sex. Paid privately, guys like that do not come cheap.